With the ETFs approaching resistance last week, this will be the crucial level to watch in the week ahead. How each ETF reacts around their respective resistance level provides insight into the longer-term direction of the ETF. Failure to break through resistance means support is likely to be tested, and if breached it is likely to send the ETF lower.

Stocks finished the past week with the best weekly performance of the year, amid high volatility. Some market participants said investors have priced in bad news out of the euro zone. Many of the fund managers have basically been expecting bad news since earlier this year, so they have been pretty well hedged to the downside – and now, it's the rally that is scaring people.